Adventus is now trading at a modest premium to peers given its recent share price performance. We believe the premium valuation is warranted given the
exploration potential and quality of the underlying asset. Upcoming catalysts includes results from regional exploration work along with the planned
monetization of non-core exploration assets.

Aurania Resources Ltd.

New Epithermal System at Lost Cities – Cutucu Project

Impact: Positive

Recent exploration at the company’s Lost Cities – Cutucu Project has revealed an entirely new epithermal system, now called the “Charip” target, which
is completely separate from its cluster of targets at Latorre and its Awacha porphyry target.

As the company refines targets and approaches the commencement of scout drilling, we see increased potential for a discovery at one of the targets within its strategic land position in Ecuador. We believe ongoing newsflow will be positive near-term catalysts for Aurania, as the company explores its epithermal and porphyry targets. Aurania will be hosting a call on Monday, April 30, 2018 at 2:00pm Eastern Time to discuss the company’s exploration program and results to date.

Northern Empire Resources Corp.

Regional Work Defines Seven New Targets

Impact: Neutral

Northern Empire has provided a technical update on the regional geology at its Sterling Gold Project in Nevada, which includes the discovery of seven more prospective targets on the Sterling property that add value and upside to the existing deposit.

Exploration data has revealed more near-surface exploration targets that appear to be prospective and add discovery potential to the Sterling story (Figure 1)

New targets warrant further exploration and are likely to be targeted in the company’s ongoing 18,000m drill program

Northern Empire trades at a premium to peers on a EV/oz basis (C$113/oz, peers C$82/oz). Based on peer multiples, this implies the addition of ~320k oz
Au, which we view as possible, given recent drilling success by Northern Empire and Corvus Gold’s (TSX:KOR) at its Mother Lode project (surrounded
by Northern Empire ground). We believe the natural consolidator is Coeur Mining (NYSE:CDE) given its a significant shareholder of both companies (Corvus
5.9%, Northern Empire 11.6%).

Novo Resources Corp.

Preliminary Results from Larger Bulk Sample Look Good; Grade Expected by End of May

Impact: Positive

Novo Resources announced preliminary results from its larger bulk sample program at Comet Well, and while the market appears to have expected grade, a
rough estimation of grade and location of the sample are very encouraging in our view.

Based on the limited data provided sample is likely to grade ~15-40 g/t, excluding the fine gold component

Good results, off the basal contact important resource development and mining

Final grade results expected end of May; results likely to be steady after that

Despite bulk sample grades and widths being towards the top end of our expected range it is only one sample, so we continue to believe that Novo is worth
between C$4.70-17.90/sh, suggesting upside from the current share price.

Orford Mining Corp.

Drilling Begins in the Carolinas

Impact: Positive

Orford announced the commencement of drilling at its Carolina Gold Properties, in North and South Carolina, to follow up on targets developed through geophysical
and geological surveys announced in March.

Drilling is targeting Haile gold deposit style mineralization at both Landrum-Faulkner and Jones-Keystone

Assay results are anticipated in June from ~1,400m of drilling

We expect upcoming newsflow to be key in highlighting the value of these Carolina assets

We believe at Orford’s current value, the stock does not properly reflect the potential of the company’s projects, both in Quebec and the Carolinas.

NxGold Ltd.

First Steps at Mt. Roe Look Good; Project on the Right Track

Impact: Mildly Positive

NxGold has discovered more gold nuggets and provided an update on its maiden mapping program at its Mt. Roe Gold Project in the Pilbara, which is adjacent to properties held by Novo Resources (TSX:NVO) and Artemis Resources (ASX:ARV).

The current market cap, could be ascribed to one of the company’s projects (Mt. Roe, Chicobi, and Kuulu), but not all three, suggesting room for re-rating
as each of them progresses. We expect assay results from grab sampling, mapping results and the start of trenching to be important catalysts for the
stock.

Monarques currently trades at a discount to peers (C$14/oz vs. peers at C$32/oz) and we believe the upcoming resource expansion drilling and technical studies including conceptual study should help close the valuation gap to peers.

On an EV basis, MTO is trading roughly in line with small Canadian producing peers, but a steep discount to its development stage peers in the Urban-Barry camp

With the only permitted mill and an expectation for meaningful resource growth, Metanor’s $54M market cap (EV$ 43M) suggests it is undervalued, relative
to other Urban-Barry camp peers, which are development stage.

In our view, the SolGold's current valuation (0.030/lb vs. peers at 0.041/lb CuEq) does not properly reflect the exceptional nature of the existing orebody or the meaningful exploration upside at the company’s projects as suggested by this press release.

Lupaka Gold Corp.

Lupaka provided an update regarding development activities at its Invicta Gold Project.

Remains on track to achieve commercial production in Q3 2018

Construction and rehabilitation activities are advancing, 8,000 tonnes of material to be processed and tested in May

Josnitoro JV has been terminated: however, we had not included it in our valuation, therefore has no effect

Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. We believe that first production, expected in H2 2018 is going to be the next key re-rating catalyst for Lupaka.

Northern Empire Resources Corp.

Additional drill results were released from the SNA deposit at the company’s Sterling Gold Project, highlighted by SNA18-003, returning 1.72 g/t Au over 16.76m, directly south of Corvus’ Mother Lode (Figure 1).

SNA Deposit results continue to suggest resource growth is likely

One drill rig is targeting the area between the historic Mother Lode pit and SNA deposit

Results are pending, three of the holes are located along Northern Empire’s property boundary, adjacent to Corvus’ Mother Lode project

Northern Empire trades at a premium to peers on a EV/oz basis (C$120/oz, peers C$82/oz). Based on peer multiples, this implies the addition of ~500k
oz Au, which we view as possible, given recent drilling success by Northern Empire and Corvus Gold’s (TSX:KOR) at its Mother Lode project (surrounded
by Northern Empire ground). We believe the natural consolidator is Coeur Mining (NYSE:CDE) given its a significant shareholder of both companies
(Corvus 5.9%, Northern Empire 11.6%).

GoldQuest Mining Corp.

GoldQuest has received the written ruling from the injunction announced on March 27, 2018 which suggests a return to the status quo.

Written decision informs company injunction has no effect on activities, reiterates legal requirements

Exploration activities including drilling can resume at Cachimbo

Final signature for exploitation permit at Romero still required for development work to resume

Decision should benefit the share price, returning it to ~$0.30 level from ~$0.20

Given the decrease in risk resulting from the written decision, we expect the share price to return to its pre-injunction level. The next catalyst for
the stock is to obtain the final signature for the exploitation license for Romero. In the meantime, drilling at Cachimbo, should continue to help
highlight the project’s exploration potential.

First Cobalt Corp.

On March 14, 2018, First Cobalt Corp. (TSXV:FCC) announced a move into the U.S. with the acquisition of US Cobalt Inc. (TSXV:USCO), owner of the Iron Creek
Cobalt Project in Idaho.

Acquisition continues to advance, US Cobalt was granted an interim order last week and securityholders will meet May 17, 2018 to consider the transaction

Encouragingly, US Cobalt intersected more high-grade cobalt from 2017 drilling, highlight by 0.31% CoEq over 4.1m and 0.50% CoEq over 2.0m including 0.71% over 0.9m (Hole IC17–39), results are pending from 2018 drilling

We view the transaction is accretive as provides diversity outside of the Cobalt Camp and adds resources for First Cobalt

We continue to believe the company’s unique attributes, including its land position and infrastructure are likely to see First Cobalt trade at a premium
to other cobalt exploration peers. Next key catalyst for the company is the completion of the US Cobalt acquisition, expected on or around May 28,
2018.

Adventus Zinc Corp.

Curipamba Site Visit: Good As Is; Exploration Upside Could Make It Great

Impact: Positive

Last week we visited Adventus Zinc Corp. (TSXV:ADZN) and Salazar Resources Ltd. (TSXV:SRL) Curipamba project in Ecuador and were impressed with what we
saw.

Based on the work to date, we believe the project as it currently sits is very doable

Adventus is benefitting from 10 years of work by Salazar

Curipamba looks to have meaningful regional exploration potential; with work just getting underway

Our site visit confirmed our view that Adventus is trading at an unwarranted slight discount to peers, and that the upcoming catalysts from regional exploration
work along with the planned monetization of non-core exploration assets should close the valuation gap to peers.

Continued success at Pearce Hill has significant potential to expand resources

Exploration continues, metallurgical testing results key

These drilling results from Pearce Hill reflect the exploration upside at the Commonwealth project, which currently represents 51% of our pre-tax NAV for
MLN shares. Based on our estimates, we believe Marlin is trading at a slight discount to peers (0.56x NAV, peers 0.57x) which does not properly account
for the optionality of the expected significant near-term cashflow.

Aurania Resources Ltd.

Crunchy Hill Likely to Be First Drill Target

Impact: Positive

Following up on the previously discovered chalcedonic
silica at the Latorre target led to the identification of the source of vuggy silica rocks, which is a known indicator of epithermal gold-silver systems
thus making the recently renamed Crunchy Hill (was Latorre B), the most likely initial drill target for Aurania.

Tracing the source of chalcedonic silica has allowed Aurania to narrow down the search for drill targets

Crunchy Hill has similarities to epithermal systems at both Fruta Del Norte and Alto Chicama

Aurania doubles the size of the Latorre A target through additional stream sediment sampling

The market is currently pricing in the company’s strategic land position in Ecuador, but it does not take into account the company’s potential for a significant
porphyry or epithermal discovery. We believe ongoing newsflow should be a positive catalyst for Aurania, as the company advances its Crunchy Hill,
Awacha and Latorre targets.

Aurania Resources Ltd.

Management Backs Aurania with US$2 million Raise

Impact: Positive

Recent exploration success at Lost Cities, pushes management to renew the entire Lost Cities – Cutucu Project. Due to the additional fees, Dr. Keith Barron,
Chairman & CEO invests US$2 million through a convertible debenture loan, convertible into common shares at C$3.00/share, a premium to the market
(C$2.86 as of close April 5, 2018).

Entire 2,080km2 renewed for another year, based on recent exploration success at Lost Cities.

Newsflow continues to be important catalyst for Aurania, positive exploration results expected, supported by renewal.

The market is currently pricing in the company’s strategic land position in Ecuador, but it does not take into account the company’s current potential
for a porphyry or epithermal discovery. We believe ongoing newsflow will be positive catalysts for Aurania, as the company explores Awacha and its
Latorre epithermal target, which bears similar geological and geochemical signatures as the Fruta Del Norte deposit.

Industry Report

Pilbara Playbook

We recently visited 5 conglomerate gold projects and a conglomerate gold conference over a two-week period in Australia. Based on our site visits and the
recent conference, these are the three key names that we like based on the work to date and the next steps planned by each company:

The Technical & Financial Leader – Novo Resources (TSXV:NVO)

One Step Behind with Hardrock Assets to Underpin – De Grey Mining (ASX:DEG)

Monarques Gold Corp.

Monarques has initiated the search for a low-cost alternative to transform Wasamac into an economic and profitable asset with announced conceptual study.

Conceptual study to use local rail lines to transport ore to another mill/tailings facility in an effort to improve project economics, results expected May 2018

Current EV/oz discount likely relates to concerns regarding Wasamac’s economics as a traditional operation, this study could transform that perception and re-rate the stock

Drill results from ongoing operations and operating results from the company’s second full quarter at Beaufor are likely to be near-term catalysts.

Monarques currently trades at a discount to peers (C$18/oz vs. peers at C$31/oz) and we believe a positive result from this study along with other catalysts
are likely to close the valuation gap to peers.

First Cobalt Corp.

A total of 7 holes (1,436m) were drilled north of the Frontier Mine, in the Woods Extension Zone to further test cobalt mineralization. Results from the latest two holes returned 0.47% Co and 0.50% Cu over 0.65m (FCC-18-0015) as well as 0.77% Co and 2.67% Ni over 0.30m (FCC-18-0020).

Results continue to extend the Woods vein and could represent an initial resource area but more work is needed

While there are hints of broader zones of alteration; assay results continue to suggest narrow veins of mineralization

First Cobalt continues to actively explore with ongoing drilling and surface exploration, along with downhole geophysical surveys and televiewer imaging planned in an effort to understand the complex structural nature of this area

We continue to believe the company’s unique attributes, including its land position and infrastructure are likely to see First Cobalt trade at a premium
to other cobalt exploration peers. Next key catalyst for the company is the completion of the US Cobalt acquisition.

Market Commentary

The current bull market in general equities is in the process of being killed by the combination of a hawkish fed and unnecessary trade war between two
of the world's largest economies. We expect this to create a new bull market for gold later this year.

Increasing interest rates is historically negative for general markets which are inversely correlated to gold (Figure 1)

The burgeoning US-China trade war is likely negative for US markets and the US dollar - both historically positive for gold (Figure 2)

Gold has rallied some, but gold equities remain at or near the 52-week lows - presenting an attractive entry point

A combination of factors appears to be pointing towards a restart of the gold bull market later this year. In the near-term, we prefer quality assets,
in good jurisdictions, with near-term catalysts as a first step into this expected move.

Northern Empire Resources Corp.

Recent results suggest the SNA Deposit is likely to materially grow and suggest recent success by both Northern Empire and its land-locked neighbor
Corvus that a larger Carlin-style system could be discovered.

Continued success at the Crown deposits (Secret Pass, Daisy and SNA) suggest that critical mass is building for a second production area

Drilling success at SNA and Mother Lode (Corvus) suggests that the discovery of a larger Carlin-style system is probable, with a natural consolidator already in place (Coeur Mining – NYSE:CDE)

Market does not appear to fully reflect the likely resource growth delivered by recent drilling.

Red Cloud Klondike Strike Inc. connects mining companies with suitable investors that qualify under available regulatory exemptions. For example, in Canada, according to National Instrument 45-106, Prospectus and Registration Exemptions. Similar laws and regulations apply in other jurisdictions. Companies presented on this website are considered to be highly speculative and, as such, are suitable only for purchasers who can tolerate the highest level of risk including the loss of their entire investment.